BRICS is an acronym referring to a bloc of emerging national economies: Brazil, Russia, India, China and South Africa. BRICS nations play a key role in the world's economy as producers of goods and services and potential consumer markets for most developed countries with a significant improvement in their share of the world trade over the last two decades.
The BRICS mechanism aims to promote peace, security, development and cooperation. It also aims at contributing significantly to the development of humanity and establishing a more equitable and fair world. The first BRIC Summit took place in Yekaterinburg, Russia, where the elected leaders of the four countries formally declared the membership of the BRIC economic bloc. South Africa was invited to join the bloc in December 2010, resulting in BRICS.